Colonial Rubber Co. v. Commissioner

10 T.C.M. 434, 1951 Tax Ct. Memo LEXIS 242
CourtUnited States Tax Court
DecidedMay 8, 1951
DocketDocket No. 26461.
StatusUnpublished

This text of 10 T.C.M. 434 (Colonial Rubber Co. v. Commissioner) is published on Counsel Stack Legal Research, covering United States Tax Court primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook
Colonial Rubber Co. v. Commissioner, 10 T.C.M. 434, 1951 Tax Ct. Memo LEXIS 242 (tax 1951).

Opinion

Colonial Rubber Co., Inc. v. Commissioner.
Colonial Rubber Co. v. Commissioner
Docket No. 26461.
United States Tax Court
1951 Tax Ct. Memo LEXIS 242; 10 T.C.M. (CCH) 434; T.C.M. (RIA) 51138;
May 8, 1951
Arthur Gottlieb, Esq., for the petitioner. William C. W. Haynes, Esq., for the respondent.

HARRON

Memorandum Findings of Fact and Opinion

HARRON, Judge: The Commissioner has determined deficiencies in income tax, declared value excess profits tax, and excess profits tax, plus 50 per cent penalties thereon under section 293 (b) of the Code for the fiscal year ending July 31, 1944, plus*243 a further penalty of 25 per cent of the deficiency in excess profits tax under section 291 (a) of the Code, as follows:

25%50%
DeficiencyPenaltyPenalty
Income tax$ 723.05$ 361.53
Declared value
excess profits
tax573.71286.86
Excess profits tax18,515.86$4,628.979,257.93
Totals$19,812.62$4,628.97$9,906.32

The petitioner has admitted by its pleadings that for the fiscal year ended July 31, 1944, it understated its gross income from sales in its income tax and declared value excess profits tax return for that fiscal year in the amount of $22,435.03; that it made sales during the said fiscal year to various customers for the said gross amount of $22,435.03, which it failed to record in its books or in the aforesaid tax return; that the omission from gross income in the amount of $22,435.03 in the aforesaid tax return was due to fraud with intent to evade tax; that receipts in the amount of $22,435.03 were deposited in the personal bank account of Benjamin Weisman, its manager, treasurer, and its sole stockholder after February of 1944; that by reason of the fraudulent omission of income in the amount of $22,435.03 from gross*244 income in all of its returns for the fiscal year ended July 31, 1944, part of each deficiency in income tax, declared value excess profits tax, and excess profits tax for said fiscal year is due to fraud with intent to evade tax; and that the 50 per cent penalties have been imposed properly, under section 293 (b) of the Internal Revenue Code. The petitioner admits, further, that it failed to file an excess profits tax return for the fiscal year ended July 31, 1944.

The first question in issue is a question of fact, whether the petitioner made "side payments" for materials, in addition to the "ceiling" prices for such materials which were established under regulations of "O.P.A.," the Office of Price Administration, during the fiscal year ended July 31, 1944. The petitioner contends that it made such over-ceiling payments in the aggregate amount of $3,216.24 and has introduced evidence in support of its contention. The petitioner contends, further, that said overceiling payments for materials are includible in its total cost of materials and so as to be subtracted from its gross sales as a part of the cost of materials. The respondent has denied the inclusion*245 in the cost of materials of the alleged over-ceiling "side payments." If it is found as a fact that the petitioner made "side payments" for materials, the second question presented is whether said "side payments" can be included in the total cost of materials, in addition to the amounts paid for materials at the established O.P.A. ceiling price.

The petitioner filed its income tax and declared value excess profits tax return with the collector for the district of Massachusetts.

Findings of Fact

The petitioner is a Massachusetts corporation having its place of business in Cambridge, Massachusetts It was organized in February of 1944 to take over the business of Cunningham Rubber Company. During the fiscal year ended July 31, 1944, it was engaged in the business of making rubber tire patches and reliners. For the purpose of making such commodities, it purchased scrap automobile tires, which were refabricated to separate the rubber from the fabric in the tires. The fabric was used to make blow-out tire patches and tire reliners, and the scrap rubber was sold to concerns which reclaimed rubber.

The petitioner kept its books and made its returns on an accrual basis.

During the*246 1944 fiscal year, Benjamin Weisman owned practically all of the stock of the petitioner and was an officer-treasurer of the petitioner, and he had charge of petitioner's books for about six months. Weisman established a business contact with a concern doing business under the name of West Side Battery and Lead Company (hereinafter called West Side) near or in Cambridge, which dealt in scrap tires. West Side became a source of supply of scrap tires for petitioner.

The petitioner's books contain records of the purchases of materials during the 1944 fiscal year from West Side at the O.P.A. ceiling prices of about $18 per ton, or about 18 or 19 cents per old tire.

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10 T.C.M. 434, 1951 Tax Ct. Memo LEXIS 242, Counsel Stack Legal Research, https://law.counselstack.com/opinion/colonial-rubber-co-v-commissioner-tax-1951.